Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
+$67/mo- Down payment
- $4,110
- Funds due
- $12,484
- Interest + MI left
- $206,903
- First ends
- May 2053
New loan
New conventional
$1,412/mo
Lowest payment- Down payment
- $18,400
- Funds due
- $24,795
- Interest + MI left
- $251,144
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $179,890 | $165,600 |
| Second mortgage | — | — |
| First P&I | $1,160.23 | $1,146.58 |
| Second P&I | — | — |
| Mortgage insurance | $86.27 | $33.12 |
| Taxes, insurance & HOA | $232.25 | $232.25 |
| Total housing payment | $1,478.75 | $1,411.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$4,110
Closing costs & prepaids$8,373
Usable credit−$0
Total buyer cash needed$12,484
Earnest money paid−$0
Remaining funds due$12,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,840.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$122.75
Initial HOA (3 months)$123.99
Prepaid interest, first (2 days)$61.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 6 moOf the original 30-year loan at 6.260%
Interest already paid$40,383Through Nov 2026
Assumption only · ends May 2053$206,903
New conventional · ends Dec 2056$251,144